929 A meeting of the 2ederal Reserve Board was held in the office of the Board on Tuesday, November 16th. at 11:35 a.m. PIESENT: The Governor Mr. Platt Mr. Hamlin Yr. Miller Mr.711liams Mr. Hoxton, Secretary. Einutes of meeting of the Board held November 12th Were read, and on motion approved. The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business Novem- ber 13th, and the status of rediscounts between the Federal Reserve Banks as of the same date. The Governor reported rediscount transactions, mem- ber bank promissory notes secured by Government obligations; rate 7% and 7% on commercial paper, as follows: Date Bank redis- counting With Amount Maturities Nov. 12 Minneapolis Bost on ` 1 2,000,000. 11-15 days Nov. 12 Kansas City ( Cl eveland 5,003,353.93 36-63 " (Boston 3,342,735. I 10-15 Nov. 12 Atlanta Cleveland ( 250,000. 7% 11 11-12 (1,278,000. Com.pa. 12-14 dys. Nov. 13 Dallas Cleveland. 2,000,000. 11-15 " Nov. 15 Atlanta Cleveland 700,000. 9-15 " rov. 15 Kansas City Boston 2,024,027.50 Within 11 dys NOV. 15 Minneapolis Cleveland 2,000,000. 11-15 days Approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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929
A meeting of the 2ederal Reserve Board was held in
the office of the Board on Tuesday, November 16th. at 11:35
a.m.
PIESENT: The GovernorMr. PlattMr. HamlinYr. MillerMr.711liamsMr. Hoxton, Secretary.
Einutes of meeting of the Board held November 12th
Were read, and on motion approved.
The Governor reported the reserve positions of the
several Federal Reserve Banks as at close of business Novem-
ber 13th, and the status of rediscounts between the Federal
Reserve Banks as of the same date.
The Governor reported rediscount transactions, mem-
ber bank promissory notes secured by Government obligations;
rate 7% and 7% on commercial paper, as follows:
Date Bank redis-counting
With Amount Maturities
Nov. 12 Minneapolis Bost on 1̀2,000,000. 11-15 daysNov. 12 Kansas City ( Cl eveland 5,003,353.93 36-63 "
(Boston 3,342,735. I10-15Nov. 12 Atlanta Cleveland ( 250,000. 7% 1111-12
(1,278,000. Com.pa. 12-14 dys.Nov. 13 Dallas Cleveland. 2,000,000. 11-15 "Nov. 15 Atlanta Cleveland 700,000. 9-15 "rov. 15 Kansas City Boston 2,024,027.50 Within 11 dysNOV. 15 Minneapolis Cleveland 2,000,000. 11-15 days
Approved.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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Special order, dated November 16th, called up for
discussion a readjustment of bank discount rates at Fed-
eral Reserve i.anks having a 6% discount rate, except banks
rediscount lug for others.
Ordered docketed for meeting of the BoardNovember 18th.
Letter dated November 12th, from the Comptroller of
the Currency, submitting copy of letter received from Chief
National Bank 'xaminer Eulloney, from Bogota, Columbia.
Noted.
Letter dated November 11th, from the Railway Loan
2,.dvisory Committee, requesting approval of a form of loan
to the Central New Engla.nd Railway Company, of '1300,000..
under Section 210 of the Transportation Act, 1920.
Approved.
Letter dated November 12th, from the Assistant Fed-
eral Reserve Agent of the Federal Reserve Bank of New York,
submitting a copy of cablegram recently sent by G. Amsink
& Company to their agents in South America.
Noted.
REPORTS OF C01.111ITY0:4: 1TO. 1:
Dated Nov. 15th, Recommending admission of State institu-tions, as set forth in the auxiliary min-ute book as of this date, subject to theconditions stated in the individual re-ports attached to the applications.
Approved.
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Datei. Nov. 15th, Recommending changes in stock at Feder-al Reserve Banks, as set forth in theauxiliary minute book as of this date.
Approved.Dated Nov. 11th, Recommending approval of appointment
of Miss Dorothy Scheck as Stenographerin the Division of Analysis &, Research,at a salary of :;',100.00 per month.
Ap.zoved.
Letter dated :Tovember 10th, from the Chairman of the
Federal Reserve Bank of Dallas, with reference to the organi-
zation chart of the Federal Reserve Bank of Dallas, and re-
questing authority for certain changes in personnel and salar-
ies in the Federal Reserve Agent's Department.
Referred to Mr. Wills.
Other business was presented and. disposed of as fol-
lows:
Motion by Mr. Hamlin that some outside agency be em-
ployed to determine unit cost of each department at all Federal
Reserve Banks with comparative compilation.
Referred t o the'3xecut ive Committee with power.
Letter dated November 11th, from the Federal 'Reserve
Bank of New York, transmitting letter of November 10, 1920,
to the Federal Reserve Board from the Park Union Foreign Bank-
ing Corporation of New York, requesting permission to accept
drafts drawn for the purpose of creating dollar exchange by
banks or bankers in Venezuela.
Approved, Mr. Williams dissenting.
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Letter dated Irovember 16th, from the Acting Governor of the
Federal Reserve Bank of Yew York, enclosing analysis of the
wire trmisfers of the six 17ew York member banks whose borrow-
ings from the Federal Reserve Bs-nk increased155,000,000.
in the four weeks ending October 29th.
Noted.
At 12:15 p.m. the meeting adjourned..
Secre
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